SECP Tightens Regulations for Foreign Companies Operating in Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has further tightened regulations for the registration of foreign companies operating in Pakistan. The SECP issued  S.R.O. 468 (I)/2023 to introduce draft amendments to the Companies (Incorporation) Regulations, 2017 on Tuesday. Through another S.R.O. 472 (I)/2023, the SECP has made draft amendments to Foreign Companies Regulations, 2018 for the certification of documents required to be filed by foreign companies. According to the revised regulations for foreign companies, in case the subscriber is a foreign company or a foreign body corporate, the registrar shall require additional information including but not limited to, the profile of the foreign company or foreign body corporate, detail of its directors, their nationality and country of origin, copy of its charter, statute or memorandum and articles, etc. Provided that the copy of any charter, statute, memorandum, articles, or other instruments, constituting or defining the constitution of a foreign company or a foreign body corporate required to be filed with the registrar shall be duly: Under the S.R.O. 472 (I)/2023 issued by the SECP, the certification of documents is required to be filed by foreign companies. In this regard, a copy of any charter, statute, memorandum, article, or another instrument, constituting or defining the constitution of a foreign company is required to be filed with the registrar under clause (a) of sub-section (1) of section 435 and 436 and any other document required to be filed under Part XII of the Act and these regulations, shall be duly: